In the last week, Shiba Inu (SHIB) price has experienced a decline of more than 22%. Despite recent developments in the ecosystem, the Shiba Inu community had expected SHIB to perform better.
Bitget, a well-known exchange for crypto copy trading, has pointed out the factors that are influencing the value of Shiba Inu.
According to a tweet from Bitget, Shiba Inu has been seeing increased attention on Google Trends, a platform that monitors search activity for various subjects. Nevertheless, despite the growing interest, Shiba Inu is currently experiencing a notable bearish trend.
According to the exchange, the low turnout was a result of the recent launch of Shibarium and the complications that arose during its introduction.
Bitget reported that the Shiba Inu network experienced an unexpected increase in traffic after the introduction of Shibarium. The blockchain of Shibarium was designed to activate a fail-safe mode to safeguard the funds of users. This resulted in a brief pause in operations.
Bitget observed that the price of Shiba Inu was affected by the development. Initially, investors had anticipated a positive outcome for SHIB following the launch of Shibarium. However, unforeseen issues led to the opposite effect. On the day of the Shibarium launch, Shiba Inu experienced a decline of at least six percent.
As of now, the Shiba Inu development team has successfully increased the operating capacity of Shibarium by a whopping 1,500%. This impressive achievement was made possible through a collaboration with the Alchemy development team.
Furthermore, the report highlighted a significant increase of 1,500% in Shibarium's server infrastructure. Despite Shibarium's improved capacity, the tokens in the Shiba Inu ecosystem have not yet rebounded from the bearish market trend.
Shibarium's official gas token, Bone, has seen a steep decline of 21.57% in its value over the past week, currently trading at $1.17. Meanwhile, LEASH, also known as Doge Killer, is in a much worse position, with a cumulative seven-day performance drop of 33.21%.
